TL;DR
- Miners moved 210,000 BTC to exchanges during October, while retaining a reserve of 1.89M BTC.
- Binance received the largest portion, reflecting increased miner activity and potential profit-taking.
- Despite this selling pressure, spot market buyers continue absorbing BTC, maintaining relatively low exchange balances and signaling ongoing accumulation and long-term confidence in Bitcoin.
Miners contributed to a noticeable increase in BTC exchange inflows last month, sending a total of 210,000 coins to trading platforms while keeping 1.89 million BTC in reserve. The trend accelerated in the past two weeks of October, with Binance receiving over 122,000 BTC. Analysts suggest that miners are preparing to secure profits after a period of producing coins at a loss, particularly as many pivot toward AI computation and data center investments.
Miners Increase Selling Pressure While Retaining Reserves
The surge in miner deposits coincided with Bitcoin dropping below its 200-day moving average, sliding into the $107,000 range in early November. Daily inflows included whale-sized transfers exceeding 10,000 BTC, putting short-term pressure on the market. Despite this, BTC remains relatively scarce on exchanges and OTC desks, as long-term accumulation continues. Miners’ reported reserves have declined from over 2M BTC last year, reflecting measured selling rather than panic.
The inflows to Binance since mid-October totaled approximately 108,000 BTC, suggesting a concentrated strategy rather than broad market dumping. Mining stocks have outperformed BTC in recent months, partly due to valuations tied to AI computing potential, highlighting a diversification trend in the sector.
Spot Markets Absorb Deposits, Limiting Immediate Impact
Even with elevated miner selling, spot market activity shows buyers continuing to absorb BTC deposits, redirecting coins to new wallets and supporting net accumulation. Spot exchanges now hold over 941,000 BTC, down slightly from prior levels. Netflows remained negative in October, but deposits coincided with over $4.5B of net accumulation, while USDT inflows exceeded $4B, hinting at potential new buying opportunities.
The BTC market exhibits caution rather than panic, with open interest dropping to around $32B and derivative markets becoming less attractive. Traders are closely watching the price for potential recovery above the 200-day moving average or for dips below $100,000. Overall, miner activity appears strategic, combining profit-taking with continued confidence in Bitcoin’s long-term value.
